carl123uk
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Registered: 24th Oct 05
Location: Nuneaton
User status: Offline
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me and the mrs are starting to save for a house.
going to be putting away £100 a week. what would be the best savings account for this?
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M2RTY
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Registered: 25th May 01
User status: Offline
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Isa usually a good tax free bet but naff all return at the moment
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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Plus only allowed 5k in them and only allowed 1 ISA per tax year. I just opened one with Santander with 3.1% interest
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Russ
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Registered: 14th Mar 04
Location: Armchair
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If you live at home why not out away everything you have spare? £100 a week isn't a lot. Wouldn't cover most mortgages.
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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I'm going to agree with Russ on this one, it would make sense to put away what you're going to spend on the mortgage plus bills etc to see if it's actually affordable for you.
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carl123uk
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Registered: 24th Oct 05
Location: Nuneaton
User status: Offline
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were both saving the same so 3/4 years time will have £15k-£20k each enough for a deposit. the house prices we are looking at we can easily afford it between us.
just wanted to no the best investment for the £5k a year i will be saving.
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Russ
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Registered: 14th Mar 04
Location: Armchair
User status: Offline
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isa/portfolio manager
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M2RTY
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Registered: 25th May 01
User status: Offline
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best as in largest or best as in safest?
isa = safe
invest in stocks/shares = risk with potential high redturns
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Nationwide do a savings accounts whereby you save a minimum £50 per month and after 6 months, you're eligible for a 95% mortgage all being way.
Save to Buy it's called or something like that. I haven't looked into it fully and only had this mentioned to me by friends so probably more to it.
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ed
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Registered: 10th Sep 03
User status: Offline
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There's also FirstBuy which will get you about 80% of a brand new house with a 5% deposit. So depending on where you live you could get somewhere with about £5-6k down.
As for saving it up, you're not going to make a hell of a lot of interest on it at the moment, but if you want a good return, it's often better to change product every year. Also weigh up what's more important, interest or access to the money - if you don't want easy access to the cash then a regular savings account might work out best.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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More info on what I mentioned:
http://www.nationwide.co.uk/savings/limited_access/savetobuy/introduction.htm
Ed - I've looked into FirstBuy which largely is great, however I believe it's ending in March 2012 as there was only a limited pot. But I believe the government recently announced investment in housing which includes deposit schemes so no doubt there will be an extension or new similar scheme.
[Edited on 28-12-2011 by deano87]
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ed
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Registered: 10th Sep 03
User status: Offline
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That's a shame, shared ownership seems to be here to stay though 
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Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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Going on what Ed said, I can't speak for all banks but with Santander, I wanted an account with access but was willing to compromise if the interest rates were considerably higher. Turns out I got a better rate by having an account with full access than one without it, times are changing I guess...
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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I'd seriously suggest putting away at least 1000-1250 a month a way between you. So say 300 a week (150 each)
Me and misses realised the other day if we had put 300 a week away (what we pay now for everything) for the 5 years we had been together before we moved in together we would have had 78000. That's a 50% deposit on the house we just bought!!!
Adult GiftsClick here to vist us
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Trouble is, I could do that, but then I wouldn't have much else and by that I don't mean I can't afford a mortgage if I moved in with the misses, but we buy food just like we would if moved out, plus pay housekeeping, so it's difficult to put away what we'd be paying out.
I do need to save more and as a result probably won't upgrade my phone etc.
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carl123uk
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Registered: 24th Oct 05
Location: Nuneaton
User status: Offline
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yea £100 a week is a 1/3 of my wages at the mo so £100 is comfortable without having to dip in to get extra cash because im short.
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Generation
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Registered: 7th Jul 09
Location: Essex
User status: Offline
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Spread cash between a few banks to make most of their offers. Regular savers etc are good but have a maximum amount. Or pay into one account and set up standing orders to go elsewhere.
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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Depends how hard you want to save really. I save now but comfortably, I still do the stuff I want to do. If I wanted to save hard I would cut back and wouldn't own the car I do, but I still want to enjoy myself. So I'd say 1/3 of your ages is acceptable and still a good effort.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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quote:
Originally posted by Graham88
Depends how hard you want to save really. I save now but comfortably, I still do the stuff I want to do. If I wanted to save hard I would cut back and wouldn't own the car I do, but I still want to enjoy myself. So I'd say 1/3 of your ages is acceptable and still a good effort.
I take home about £1220 and save £450 every month. When I say every month it is a bit ambiguous, as if I need car repairs etc, I take it out of the £450.
Next car service is cambelt  bye bye savings that month 
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Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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See I do mine slightly different to that as I save minimum
£300 and then whatever is left I put it once I get paid so that is kind of the same as you I suppose. Just because I have money left I don't have the 'let's spend it' attitude of some mates though
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craig8
Premium Member
Registered: 31st Dec 04
Location: Glasgow
User status: Offline
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Try to put away what you expect your outgoings to be when your in the house, will get you used to being skint
E36 328
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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I'm starting to save for a house deposit but not until spring, got a car and holiday to pay for first 
I hope I can get some serious saving done and hopefully see some 5% deposit mortgages around when the time comes (probably in 2014).
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jungle
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Registered: 22nd Nov 07
Location: methilhill,fife
User status: Offline
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when me and the wife where saving for our house we lived off her wages and i put everything i made thru the week including homers in the bank saved 12k in next to no time at all
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